Solvay records Q1 growth in all segments.

Specialty chemical company Solvay has announced net sales of €2.97 billion ($32.4 billion), up 9.7%, with a 7.5% increase in volume and mix supported by positive currency effects. The company’s EBITDA grew 12% to € 616 million with volume-driven growth across each of its operating segments.

Overall EBITDA margin was 21%. Operational adjustments offset most increased costs related to raw materials and fixed costs from organic growth. Solvay’s advanced materials business, which showed good year-on-year volume growth in automotive, batteries and industrial, was up 9% € 292 million, while its functional polymers business reached € 71 million, up 34% year on year driven by strong polyamide performance. Based on the company’s Q1 performance and improving market conditions, Solvay said it expects to meet or exceed its previously stated guidance of mid-single digit underlying EBITDA growth and more than €800 million of free cash flow from continuing operations.